Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Restricting the monetary dollar allows “corruption” in banks.. Travelers have the choice of paying b

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 268964
    Join date : 2012-12-21
    • Post n°1

    banks - Restricting the monetary dollar allows “corruption” in banks.. Travelers have the choice of paying b Empty Restricting the monetary dollar allows “corruption” in banks.. Travelers have the choice of paying b

    Post by Rocky Fri 06 Oct 2023, 1:55 pm

    Restricting the monetary dollar allows “corruption” in banks.. Travelers have the choice of paying bribes or buying from the parallel store
    [You must be registered and logged in to see this link.] |Today
    [You must be registered and logged in to see this image.]

    +A
    -A


    Baghdad today - follow-up
    They led the "tightening" measures by the Central Bank of Iraq on the cash dollar, or the so-called "travelers' dollar", to deprive many travelers of their shares of the dollar, causing the central bank to push many travelers to buy dollars from the parallel market, a measure that causes the price of the dollar to rise further, as it led Central Bank measures to add pressure to monetary demand on the dollar, in addition to merchants’ demand for the parallel dollar for the purpose of tax evasion or to finance their trade from countries banned from the dollar.
    The actions of the Central Bank did not only cause this, but also created an opportunity for “manipulation and corruption” in the banks that had access to the cash dollar in the Central Bank only, as these banks obtained the dollar using travelers’ papers and did not deliver it to them under the pretext of running out of the allocated quantities, in order to sell them. In the parallel market and taking advantage of the currency difference, in addition to other extortionist transactions, such as employees receiving approximately $100 as a bribe from travelers in exchange for allowing them to enter to deposit dinar funds to obtain their share of the dollar for the purpose of travel.
    In a statement, on September 24, the Rafidain State Bank decided to wait to sell dollars to travelers in a number of its branches, due to the Central Bank of Iraq not increasing its share of the American currency.
    According to a circular issued by the bank to its branches regarding their shares of dollars, it was decided to wait to receive travelers’ deposits in exchange for disbursing cash dollars until further notice.
    Travelers' testimonials
    In this context, a press report quotes Ahmed Salman, 43 years old, as saying that he went to more than one Iraqi bank that was authorized to receive travelers’ deposits, but these banks closed their doors to them due to instructions from the management of the Rafidain Bank, not to accredit a number of its branches and to rely on several branches, This caused overcrowding with passengers queuing from late at night until the morning.
    Salman added that he went to one of the branches of the Rafidain Bank on the Karkh side of the capital, Baghdad, but the bank’s security did not allow him to enter because the number specified for receiving travelers’ deposits was only 25 travelers, and that this number had been completed, indicating that the bank’s management informed them not to bring in any references they wanted. Deposit for travel purpose.
    He also indicated that one of the bank's security personnel took him to the guard booth and asked him for an amount of 150,000 Iraqi dinars (approximately $115), for one of the employees, in order to add him to the list the next day, and allow him to enter the bank for the purpose of making a deposit.
    Salman said that he refused to comply with this procedure because of its legal and legal violation, indicating that he went to the Harthiya Stock Exchange market to exchange the dinar into dollars, because the date of his travel was approaching and he must obtain hard currency.
    In the same bank, citizen Aqeel Al-Zubaie confirmed that he was unable to deposit his money in order to obtain dollars for travel purposes several times.
    He explained that he had to pay an amount of money amounting to 125 thousand dinars for each traveler to one of the bank employees, in order to enter their names on the list of those allowed to enter the bank in order to obtain the dollar.
    He pointed out that the situation with exchange companies is no different from the procedures of banks in collecting illegal money from travelers, and that these companies do not give travelers their rights to exchange them, but rather sell them at high prices compared to the price set by the Iraqi government.
    Dollar monopoly
    For his part, economic researcher Omar Al-Halbousi confirmed that a group of banks monopolizes the largest part of the currency selling window, indicating that these banks possess influence within the Central Bank through the Central Bank’s active lobby, which enabled them to impose their influence in the market.
    During his speech, he said that "the oligopoly of the dollar made these banks speculate on the black market, to achieve the largest amount of profits at the expense of the decline in the value of the Iraqi dinar."
    He added that the Central Bank's measures did not provide solutions to the dollar problem, but rather exacerbated the problem after it closed a number of deposit outlets for travelers, which imposed a monopoly in the parallel market.
    Al-Halbousi confirmed that the state of corruption in banks and official dollar delivery outlets has been widespread in banks since the start of the sale of the traveler's dollar, and the price of one traveler has reached more than 250 thousand dinars in exchange for allowing the traveler to enter to deposit.
    He pointed out that there were banks that admitted travelers and received their papers for the purpose of beginning to deliver them the dollar, and after entering their information into the platform, the travelers were informed that the dollar had run out, and it later became clear that the bank had purchased the dollar in the traveler’s name without his knowledge.
    He added that there is information that proves that banks buy dollars with their customers’ papers in cooperation with travel companies without the customers’ knowledge.
    Al-Halbousi criticized the Central Bank's policy of reducing corruption operations and holding these banks accountable, but he overlooked them because they have influence within the Central Bank, which makes them above the authority of the law, as he described it.
    Collusion and corruption
    On the other hand, economic expert Zia Al-Mohsen criticized the policy of the Central Bank of Iraq in confronting the monetary crisis witnessed by the Iraqi market, with the continued fluctuation of the dollar exchange rate and the lack of control over the rise in its value in the parallel market.
    Al-Mohsen confirmed that there is collusion by some parties within the Central Bank regarding the dollar issue, because the Central Bank’s management is aware of what banking companies are doing in terms of selling the dollar and exploiting passports, accusing some figures within the Central Bank of collusion in this aspect.
    He added that there are parties in the management of the Central Bank of Iraq working on behalf of some political blocs and private banks, intervening to prevent the Prime Minister, Muhammad al-Sudani, from working to limit their activities, and pressing for the continuation of the dollar chaos for as long as possible.
    Source: Al-Arabi Al-Jadeed
    [You must be registered and logged in to see this link.]
    • Back to top
      Current date/time is Sat 27 Apr 2024, 1:26 am